Unusually high growth in food prices and fuel prices has led to an increase in the consumer price index of 6.3% in the last twelve months.
Inflation over the past year was 0.6% higher than the twelve-month change in May, which was already very high.
“In June, it was first and foremost increased prices for fuel and food that gave us a further increase in the twelve-month growth. Food prices increased significantly,” section manager Espen Kristiansen at Statistics Norway (SSB) stated.
The price of food has increased by 5.6% in the last year. Meat and grain product prices have increased the most, by 9.4 and 5.2%, respectively.
From May to June, food prices rose by 2%.
Soaring food prices
“Such a large increase in food prices from May to June is unusual. We usually see the largest movements in food prices in February and July, which are the time windows where suppliers can adjust prices toward food chains,” Kristiansen said.
Electricity and fuel also had a notable price increase. Norwegians’ electricity costs in June were 28.4% higher than in June last year.
From May to June this year, fuel prices rose by 12.8%. Compared with June 2021, they were 56.4% higher in June this year.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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